Question
Jamie Lee is reviewing her finances one month later. She has provided the actual amounts paid below. Use the cash budget table below to help
Jamie Lee is reviewing her finances one month later. She has provided the actual amounts paid below. Use the cash budget table below to help her identify the variances in her budget. Each answer must have a value for the assignment to be complete. Enter "0" for any unused categories.
| Actual Amounts | ||||
| Income: | Monthly expenses: | |||
| Gross monthly salary | $2,315 | Rent obligation | $260 | |
| Net monthly salary | $1,740 | Utilities/electricity | $130 | |
| Savings allocation: | Utilities/water | $10 | ||
| Regular savings | $130 | Utilities/cable TV | $155 | |
| Rainy-day savings | $20 | Food | $160 | |
| Entertainment: | Gas/maintenance | $205 | ||
| Cake decorating class | $90 | Credit card payment | $25 | |
| Movies with friends | $50 | Car insurance | $75 | |
| Clothing | $145 | |||
| Budgeted Amounts | ||||
| Assets: | Monthly Expenses: | |||
| Checking account | $1,850 | Rent obligation | $225 | |
| Emergency fund savings account | $4,300 | Utilities/electricity | $75 | |
| Car | $5,200 | Utilities/water | $35 | |
| Computer & iPad | $1,100 | Utilities/cable TV | $120 | |
| Liabilities: | Food | $115 | ||
| Student loan | $6,600 | Gas/maintenance | $95 | |
| Credit card balance | $1,000 | Credit card payment | $45 | |
| Income: | Car insurance | $45 | ||
| Gross monthly salary | $2,155 | Clothing | $45 | |
| Net monthly salary | $1,580 | Entertainment: | ||
| Savings allocation: | Cake decorating class | $90 | ||
| Regular savings | $130 | Movies with friends | $50 | |
| Rainy day savings | $20 | |||
Income (Inflows) Budgeted Amounts Actual Dollar Percent Amounts Variance NaN $ NaN $ 0 NaNNaN $ 0 $ Salary Other Total income 0 0 $ $ 0 Budgeted Amounts Dollar Percent Actual Amounts Variance NaN $ 0 NaN 0 $ $ 0 $ NaN 0.00% $ 0 $ 0 0 $ 0 NaN NaN NaN $ 0 $ 0 NaN $ 0 $ 0 NaN 0.00% $ $ 0 Disbursements (Outflows) Emergency fund savings Emergency fund Savings (regular) Savings Total savings Fixed expenses Mortgage or rent Property taxes Loan/credit card payment Insurance Other Total fixed expenses Variable expenses Food Utilities Clothing Transportation costs Personal care Medical and health care Entertainment Education Gifts/donations Miscellaneous Other Total variable expenses Total expenses 0 $ 0 NaN $ 0 NaN $ 0 $ 0 NaN NaN NaN $ 0 $ 0 NaN $ 0 NaN $ 0 $ 0 NaN NaN NaN $ 0 $ 0 NaN 0 $ 0 $ $ 0 0.00% $ 0 $ 0 NaN $ 0 $ 0
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Auditing Cases An Interactive Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
5th International Edition
0132815591, 9780132815598
